On Mon, Oct 27, 2008 at 10:34, Geoffrey Spear <[EMAIL PROTECTED]> wrote:
> On Mon, Oct 27, 2008 at 12:16 PM, Roger Hicks <[EMAIL PROTECTED]> wrote:
>> I initiate the following Bank Motion:
>> {
>> The RBoA agrees to the Portfolio Management Agreement.
>> }
>
> Disapprove. There's absolutely no good reason for this to be a
> separate contract between the RBoA and the Treasurer; it could just as
> easily be a new clause in the RBoA, one which would be subject to
> better oversight since the RBoA itself can't amend this new contract.
>
The reason is to prevent non-Bankers from objecting to this change
(through the Without 3 objections mechanism). PBA Comrades who do not
participate in the RBoA have an interest in shooting down anything
which would increase the value of the RBoA at the expense of the PBA.
BobTHJ
